Small and mid-sized businesses (SMEs) are one of the key target groups of the upcoming elections. Chancellor Jeremy Hunt’s autumn statement was therefore a key moment for the Conservatives. Some consultancy firms are praising the new tax incentives, however many more consultants warned the measures were simply not enough to unlock economy potential.
Why SMEs?
Referred to as “the engine room of the economy” behind job growth and growth of the economy, the small and mid-sized businesses are now a core part of Labour’s strategy.
Richard Godmon, a tax partner at Menzies believes that the Chancellor “could have gone much further” in his bid to court SMEs and “kickstart the UK economy into action again…it was particularly disappointing to see them largely left out of this statement with the exception of the freeze to the small business rates multiplier. Even the headline announcement for businesses – that full expensing will become permanent – only applies to companies, and will not help the many thousands of unincorporated businesses that are crucial to the economy.”
Simon Crookston, head of corporate tax at Crowe UK said that the autumn statement “does not go far enough to act as a catalyst for companies to invest, innovate and grow.”
The overall consensus seems to be that the plans by the Conservatives were simply not bold enough and should have been far more aggressive to earn the support of the SMEs for the upcoming election.
However, recent research from Bibby Financial Services found that the majority of SMEs still didn’t feel either party showed the intention of serving their needs.
For more information on this topic, do read this thorough article on Consultancy.uk
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